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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cape Bancorp, Inc. | NASDAQ:CBNJ | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 14.59 | 0 | 01:00:00 |
[x]
|
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED, EFFECTIVE OCTOBER 7, 1996].
|
[ ]
|
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED].
|
|
Report of Independent Registered Public Accounting Firm 1
|
|
Financial Statements:
|
|
Statements of Net Assets Available for Benefits 2
|
|
Statements of Changes in Net Assets Available for Benefits 3
|
|
Notes to Financial Statements 4
|
|
Schedule H, Line 4i - Schedule of Assets (Held at End of Year) 17
|
CAPE BANK EMPLOYEES’ SAVINGS & PROFIT
|
||||||||||
SHARING PLAN AND TRUST
|
||||||||||
Statements of Net Assets Available for Benefits
|
||||||||||
December 31, 2014 and 2013
|
||||||||||
2014
|
2013
|
|||||||||
Assets:
|
||||||||||
Investments, at fair value (notes 3 and 4)
|
$ 7,215,893
|
$ 8,795,205
|
||||||||
Receivables:
|
||||||||||
Employer contribution
|
113,947
|
126,184
|
||||||||
Notes receivable from participants
|
302,998
|
385,821
|
||||||||
Total assets
|
7,632,838
|
9,307,210
|
||||||||
Liabilities:
|
||||||||||
Accrued expenses
|
-
|
-
|
||||||||
Total liabilities
|
-
|
-
|
||||||||
Net assets before adjustment from fair value to contract value
|
7,632,838
|
9,307,210
|
||||||||
Adjustment from fair value to contract value for interest in common collective
|
||||||||||
trust fund relating to fully benefit-responsive investment contracts
|
-
|
(10,150)
|
||||||||
Net assets available for benefits
|
$ 7,632,838
|
$ 9,297,060
|
||||||||
See accompanying notes to financial statements
|
CAPE BANK EMPLOYEES’ SAVINGS & PROFIT
|
||||||||||
SHARING PLAN AND TRUST
|
||||||||||
Statements of Changes in Net Assets Available for Benefits
|
||||||||||
Years ended December 31, 2014 and 2013
|
||||||||||
2014
|
2013
|
|||||||||
Additions:
|
||||||||||
Net appreciation in fair value of investments (note 3)
|
$ 313,998
|
$ 1,434,535
|
||||||||
Dividend and interest income
|
158,572
|
22,808
|
||||||||
Net investment income
|
472,570
|
1,457,343
|
||||||||
Interest on notes receivable from participants
|
10,369
|
14,053
|
||||||||
Contributions:
|
||||||||||
Employers’
|
115,070
|
126,184
|
||||||||
Participants’
|
626,179
|
731,910
|
||||||||
Total contributions
|
741,249
|
858,094
|
||||||||
Total additions
|
1,224,188
|
2,329,490
|
||||||||
Deductions:
|
||||||||||
Benefits paid to participants
|
2,860,548
|
1,410,372
|
||||||||
Administrative expenses
|
27,862
|
60,405
|
||||||||
Total deductions
|
2,888,410
|
1,470,777
|
||||||||
Net (decrease) increase
|
(1,664,222)
|
858,713
|
||||||||
Net assets available for benefits:
|
||||||||||
Beginning of year
|
9,297,060
|
8,438,347
|
||||||||
End of year
|
$ 7,632,838
|
$ 9,297,060
|
||||||||
See accompanying notes to financial statements.
|
(1)
|
Description of Plan
|
(a)
|
General
|
(b)
|
Contributions
|
(c)
|
Participant Accounts
|
(d)
|
Retirement, Death and Disability
|
(e)
|
Vesting
|
(f)
|
Payment of Benefits
|
(g)
|
Notes Receivable from Participants (Participant Loans)
|
(2)
|
Summary of Significant Accounting Policies
|
(a)
|
Basis of Accounting
|
(b)
|
Investment Valuation and Income Recognition
|
(c)
|
Fully Benefit-Responsive Investment Contracts
|
|
Investment contracts held by a defined contribution plan are required to be reported at fair value. However, contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. The Statements of Net Assets Available for Benefits presents the fair value of the investment contracts as well as the adjustment of the fully benefit-responsive contracts from fair value to contract value. The Statements of Changes in Net Assets Available for Benefits is prepared on a contract value basis for fully benefit-responsive investment contracts.
|
(d)
|
Payment of Benefits
|
(e)
|
Estimates
|
(f)
|
Risks and Uncertainties
|
(g)
|
Notes Receivable from Participants
|
(h)
|
Concentration of Credit Risk
|
(i)
|
Recent Accounting Pronouncements
|
(3)
|
Investments
|
December 31
|
||||||||||||
2014
|
2013
|
|||||||||||
Cape Bancorp, Inc. common stock, 94,729 and
|
$ 891,403
|
$ 962,152
|
||||||||||
94,700 shares, respectively
|
||||||||||||
Common collective trust funds:
|
||||||||||||
Invesco Stable Value Fund-Pentegra Share Class
|
||||||||||||
(Contract Value: 2013 - $828,627)
|
*
|
$ 838,777
|
||||||||||
S&P Midcap Index Fund Series A
|
*
|
$ 1,283,444
|
||||||||||
S&P 500 Flagship SL Series Fund
|
*
|
$ 974,097
|
||||||||||
Short Term Investment Fund
|
*
|
$ 761,651
|
||||||||||
Principal Investment Accounts
|
||||||||||||
Fixed Income Guaranteed Option
|
$ 662,073
|
#
|
||||||||||
Principal Trust(SM) Target 2020 Fund
|
$ 434,479
|
#
|
||||||||||
Large Cap S&P 500 Index
|
$ 810,761
|
#
|
||||||||||
Mid-Cap S&P 400 Index
|
$ 722,674
|
#
|
||||||||||
Lord Abbett ShtDrtn Inc R3 Fund
|
$ 581,027
|
#
|
||||||||||
ClearBridge Large Cap Grade A Fund
|
$ 629,481
|
#
|
||||||||||
Oakmark International II Fund
|
$ 419,067
|
#
|
||||||||||
* The Common collective trust fund was not part of the Cape Bank Employees Savings and Profit Sharing Plan and Trust.
|
||||||||||||
# Principal Investment Accounts were not available to the Cape Bank Employees Savings and Profit Sharing Plan and Trust.
|
Year ended December 31
|
||||||||
2014
|
2013
|
|||||||
Cape Bancorp common stock
|
$ (60,549)
|
$ (354)
|
||||||
Mutual Funds
|
72,347
|
-
|
||||||
Pooled Separate Accouns
|
244,004
|
-
|
||||||
Collective Trust Accounts
|
58,196
|
-
|
||||||
Common Collective Trust
|
-
|
1,434,889
|
||||||
Net appreciation
|
$ 313,998
|
$ 1,434,535
|
(4)
|
Fair Value Measurement
|
|
•
|
Income funds - Objective is for long-term rates of return consistent with preserving capital. These Mutual funds invest mainly in fixed securities such as asset backed securities, residential mortgage backed securities, commercial mortgage backed securities and corporate bonds.
|
|
•
|
Growth funds - Objective is for long-term rates of return from a diversified portfolio of common stock. These Mutual funds invest mainly in domestic stocks. The majority of the underlying securities have observable level 1 quoted pricing inputs.
|
·
|
Lifecycle funds - Objective is for long-term rates of return and stable income through diversification. Each lifecycle pooled separate account invests in a single target date mutual fund. The fair value of each mutual fund is a publicly quoted pricing input and is used in determining the NAV of the CTA.
|
·
|
Index funds - Objective is for long-term rates of return from a diversified portfolio of common stock. These PSAs invest mainly in domestic stocks. The majority of the underlying securities have observable level 1 quoted pricing inputs.
|
·
|
Target retirement funds target retirement dates that provide an age-based investment mix of stocks, bonds and short-term investments. The funds seek high total return until the target retirement dates and high income and capital appreciation thereafter.
|
·
|
Equity funds investment goal are a total return before fees and expenses that corresponds to the total return of the index.
|
·
|
Fixed Income funds seek to maximize total return, consistent with preservation of capital by investing in intermediate-term, investment grade bonds.
|
·
|
Non Lending Funds objective is to maximize total return with a risk level that is appropriate for the fund's particular time frame
|
·
|
The fair values of interests in stable value fund, Invesco Stable Value Fund, are based upon the net asset values of such funds reflecting all investments at fair value, including direct and indirect interests in fully benefit-responsive contracts, as reported by the fund managers. The investment goal of the Invesco Stable Value Fund is to preserve principal and interest while maximizing current income by investing in fixed income securities, bonds GICs and other CCTs.
|
Fair value measurements at December 31, 2014 using
|
||||||||
Quoted
|
||||||||
prices in
|
Significant
|
|||||||
active markets
|
other
|
Significant
|
||||||
for identical
|
observable
|
unobservable
|
||||||
assets
|
inputs
|
inputs
|
||||||
(Level 1)
|
(Level 2)
|
(Level 3)
|
Total
|
|||||
Cape Bancorp, Inc. common
|
||||||||
stock
|
$ 891,403
|
$ -
|
$ -
|
$ 891,403
|
||||
Fixed income
|
||||||||
guaranteed option
|
-
|
-
|
662,073
|
$ 662,073
|
||||
Principal Investment Accounts
|
||||||||
Index funds
|
-
|
1,750,455
|
-
|
$ 1,750,455
|
||||
Income funds
|
1,393,983
|
-
|
$ 1,393,983
|
|||||
Lifecycle fund
|
-
|
1,040,416
|
-
|
$ 1,040,416
|
||||
Growth fund
|
1,027,234
|
-
|
-
|
$ 1,027,234
|
||||
International fund
|
419,067
|
-
|
-
|
$ 419,067
|
||||
Value fund
|
31,262
|
-
|
-
|
$ 31,262
|
||||
Total investments, at fair value
|
$ 3,762,949
|
$ 2,790,871
|
$ 662,073
|
$ 7,215,893
|
||||
Fair value measurements at December 31, 2013 using
|
||||||||
Quoted
|
||||||||
prices in
|
Significant
|
|||||||
active markets
|
other
|
Significant
|
||||||
for identical
|
observable
|
unobservable
|
||||||
assets
|
inputs
|
inputs
|
||||||
(Level 1)
|
(Level 2)
|
(Level 3)
|
Total
|
|||||
Cape Bancorp, Inc. common
|
||||||||
stock
|
$ 962,152
|
$ -
|
$ -
|
$ 962,152
|
||||
Federated government
|
||||||||
obligation fund
|
48,302
|
-
|
-
|
$ 48,302
|
||||
Common collective trusts:
|
$ -
|
|||||||
Fixed income
|
-
|
1,943,443
|
-
|
$ 1,943,443
|
||||
Equity
|
-
|
3,581,970
|
-
|
$ 3,581,970
|
||||
Stable value fund
|
-
|
838,777
|
-
|
$ 838,777
|
||||
Target retirement
|
-
|
798,566
|
-
|
$ 798,566
|
||||
Nonlending funds
|
-
|
621,995
|
-
|
$ 621,995
|
||||
Total investments, at fair value
|
$ 1,010,454
|
$ 7,784,751
|
$ -
|
$ 8,795,205
|
Level 3 Assets December 31, 2014
GIC
|
Balance, beginning of year
|
$
|
-
|
|
Realized Earnings
|
11,740
|
||
Expenses
|
(2,586)
|
||
Purchases
|
892,188
|
||
Sales
|
(239,269)
|
||
Balance, end of year
|
$
|
662,073
|
|
Instrument
|
Fair Value
December 31, 2014
|
Principal Valuation Technique
|
Unobservable Inputs
|
Range of
Significant
Input Values
|
Weighted Average
|
GIC
|
$
|
662,073
|
Discounted
|
Yield rates
|
1.55-2.00
|
Y
|
|||||||
|
Cash Flow
|
Duration
|
3 years
|
December 31, 2014
|
||||||||
Fair Value
|
Unfunded Commitments
|
Redemption Frequency (if currently eligible)
|
Redemption Notice Period
|
Pooled separate accounts and Collective trust accounts
|
$
|
2,790,871
|
N/A
|
Daily
|
N/A
|
December 31, 2013
|
Common collective trusts
|
$
|
7,784,751
|
N/A
|
Daily
|
N/A
|
(5)
|
Guaranteed Investment Contract with National Insurance Company
|
2014
|
Based on actual earnings
|
1.55
|
%
|
||||
Based on interest rate credited to participants
|
2.00
|
(6)
|
Party-In-Interest Transactions
|
(7)
|
Rights upon Plan Termination
|
(8)
|
Tax Status
|
(9)
|
Subsequent Events
|
CAPE BANK EMPLOYEES’ SAVINGS & PROFIT
|
|||||||||||||
SHARING PLAN AND TRUST
|
|||||||||||||
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
|
|||||||||||||
December 31, 2014
|
|||||||||||||
Name of Plan Sponsor: Cape Bank
|
|||||||||||||
Employer Identification Number: 21-0600992
|
|||||||||||||
Three-digit Plan Number: 003
|
|||||||||||||
(c)
|
|||||||||||||
Description of investment
|
|||||||||||||
(b)
|
including maturity date,
|
(e)
|
|||||||||||
Identity of issue, borrower,
|
rate of interest, collateral,
|
(d)
|
Current
|
||||||||||
(a)
|
lessor, or similar party
|
par or maturity value
|
Cost
|
value
|
|||||||||
*
|
Cape Bancorp, Inc. Common Stock
|
COMMON STOCK
|
#
|
$ 891,403
|
|||||||||
Registered Investment Company
|
|||||||||||||
Aston Asset Management
|
ASTON / HARRIONS ST RI EST N FUND
|
#
|
208,585
|
||||||||||
Legg Mason
|
CLEARBRIDGE LG CAP GR A FUND
|
#
|
629,481
|
||||||||||
Dreyfus Funds
|
DREYFUS OPP MIDCAP VALUE A FUND
|
#
|
31,262
|
||||||||||
Fidelity Investments
|
FIDELITY ADV LARGE CAP A FUND
|
#
|
61,463
|
||||||||||
JP Morgan Funds
|
JP MORGAN CORE PLUS BOND A FUND
|
#
|
282,668
|
||||||||||
Lord Abbett
|
LORD ABBETT SHTDRTN INC R3 FUND
|
#
|
581,027
|
||||||||||
MFS Investment Management
|
MFS CONSERV ALLOC R3 FUND
|
#
|
200,027
|
||||||||||
MFS Investment Management
|
MFS GROWTH ALLOC R3 FUND
|
#
|
56,109
|
||||||||||
MFS Investment Management
|
MFS MODERATE ALLOC R3 FUND
|
#
|
80,153
|
||||||||||
Oakmark
|
OAKMARK INT'L II FUND
|
#
|
419,067
|
||||||||||
Prudential Investment Management Service
|
PRUDENTIAL GOVT INCOME A FUND
|
#
|
219,724
|
||||||||||
Putnam Investments
|
PUTNAM EQUITYINCOME A FUND
|
#
|
101,980
|
||||||||||
Pooled Separate Accounts
|
|||||||||||||
*
|
Principal Life Insurance Company
|
PRINCIPAL LGCAP S&P 500 INDEX SA-R4
|
#
|
810,761
|
|||||||||
*
|
Principal Life Insurance Company
|
PRINCIPAL MIDCAP S&P 400 IDXEX SA-R4
|
#
|
722,674
|
|||||||||
*
|
Principal Life Insurance Company
|
PRINCIPAL SMCAP S&P 600 INDEX SA-R4
|
#
|
217,020
|
|||||||||
Collective Trust Accounts
|
|||||||||||||
*
|
Principal Trust Company
|
PRINCIPAL TRUST INCOME FUND R6
|
#
|
9,886
|
|||||||||
*
|
Principal Trust Company
|
PRINCIPAL TRUST TARGET 2010 FUND R6
|
#
|
196
|
|||||||||
*
|
Principal Trust Company
|
PRINCIPAL TRUST TARGET 2015 FUND R6
|
#
|
154,088
|
|||||||||
*
|
Principal Trust Company
|
PRINCIPAL TRUST TARGET 2020 FUND R6
|
#
|
434,479
|
|||||||||
*
|
Principal Trust Company
|
PRINCIPAL TRUST TARGET 2025 FUND R6
|
#
|
252,400
|
|||||||||
*
|
Principal Trust Company
|
PRINCIPAL TRUST TARGET 2030 FUND R6
|
#
|
3,087
|
|||||||||
*
|
Principal Trust Company
|
PRINCIPAL TRUST TARGET 2035 FUND R6
|
#
|
74,277
|
|||||||||
*
|
Principal Trust Company
|
PRINCIPAL TRUST TARGET 2040 FUND R6
|
#
|
3,779
|
|||||||||
*
|
Principal Trust Company
|
PRINCIPAL TRUST TARGET 2045 FUND R6
|
#
|
101,240
|
|||||||||
*
|
Principal Trust Company
|
PRINCIPAL TRUST TARGET 2050 FUND R6
|
#
|
2,015
|
|||||||||
*
|
Principal Trust Company
|
PRINCIPAL TRUST TARGET 2055 FUND R6
|
#
|
3,438
|
|||||||||
*
|
Principal Trust Company
|
PRINCIPAL TRUST TARGET 2060 FUND R6
|
#
|
1,531
|
|||||||||
Guaranteed Investment Contract
|
|||||||||||||
Company
|
PRINCIPAL FIXED INCOME GUARANTEE OPTION
|
#
|
662,073
|
||||||||||
*
|
Participant loans
|
Interest rates of 4.25%
|
—
|
302,998
|
|||||||||
$ 7,518,891
|
|||||||||||||
*
|
Denotes party-in-interest
|
||||||||||||
#
|
Investment is participant-directed, therefore historical cost is not required.
|
||||||||||||
See accompanying report of independent registered public accounting firm.
|
CAPE BANK EMPLOYEES’ SAVINGS & PROFIT SHARING PLAN AND TRUST
|
||
Date: June 24, 2015
|
By:
|
/s/ Guy Hackney |
Guy Hackney
|
||
Executive Vice President and
Chief Financial Officer
Cape Bank
|
1 Year Community Bancorp OF New Jersey Chart |
1 Month Community Bancorp OF New Jersey Chart |
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